Research Reports

What began as a macro-driven unwind on crypto Black Friday rapidly evolved into a market-wide stress event — underscoring how tightly coupled liquidity, collateral and oracle systems have become, writes CoinDesk Data’s Joshua de Vos. By Joshua de VosOct 15, 2025Institutional demand and favorable policy drove Q3 crypto recovery. Ether ETF flows surpassed bitcoin. Altcoins surged as bitcoin dominance fell, marking a shift toward multi-asset institutional allocation.